Oil is spiking toward $100 a barrel as the Iran war widens, bad news for anyone paying for gas or watching prices climb.

• The Houthis attacked two Saudi oil tankers and shut down the Bab-el-Mandeb Strait, cutting off a key route for millions of barrels of Saudi oil.
• Shippers and insurers won't risk the route, so the flow just stops — the same thing that spooked the market at the Strait of Hormuz.
• Iran is threatening to hit power plants and water plants across the Gulf; Kuwait is already rationing electricity after Iranian strikes.
• A Chinese-flagged tanker was quietly waved through, showing Beijing cutting side deals while Western and Gulf ships get shot at.
• Trump is threatening to bomb Iranian bridges and power plants, and US forces look stretched thin, with more medics and warships moving into the region.

Outlook: Expect oil to keep rising and the fighting to escalate, with both sides signaling no oil ships out means no oil ships for anyone.